US and China step back from brink of trade war: FT reports, the US has stepped back from the brink of a trade war with China after Washington halted plans to impose tariffs on up to $150bn of imports, according to the US Treasury secretary. “We’re putting the trade war on hold,” Steven Mnuchin said in a television interview on Sunday.

The Dow set to leap 200+ points, amid easing U.S.-China tensions that have roiled global markets this year.

@JessicaStoneTV: NEXT STEP: @SecretaryRoss heading to #China at end of June after #oecd for next round of #china #tradetalks @cgtnamerica

@sdonnan: Reminder: Donald Trump has proclaimed this World Trade Week!

US and China tout trade talks as success, but leave the details for later: NYT reports, Trump administration officials had said during negotiations this week that China was prepared to make up to $200 billion in additional purchases. Notably absent from Saturday’s announcement were any dollar figures — or a sense of the scale of the agreed-upon increases. The White House said that China had committed to buying more agriculture and energy exports, but noted that American officials would at some point go to China to work out the details of their agreement.

Treasury, USTR send mixed messages over tariffs on Chinese imports: WSJ reports, mixed signals from officials could further complicate the Trump administration’s trade agenda. Several hours after Treasury Secretary Steven Mnuchin told Fox News on Sunday that the US was “putting the trade war on hold” and wouldn’t assess tariffs on Beijing while the two sides talked, US Trade Representative Robert Lighthizer put out a statement saying that tariffs remained an important tool to “protect our technology.”

Reuters: China air force lands bombers on South China Sea island

“The United States remain committed to a free and open Indo-Pacific,” the Pentagon spokesperson Lt. Col. Christopher Logan said in response, saying that reports of Chinese militarization “only serves to raise tensions and destabilize the region.”

Trusted Xi ally a rising influence on China’s foreign policy: AP reports, Chinese President Xi Jinping is increasingly turning to friend and trusted confidant Wang Qishan to help guide the country’s foreign relations as he prepares for a potentially bruising trade fight with the US and competition for leadership in Asia. The 69-year-old Wang was appointed vice president in March, but exercises outsized influence in the historically symbolic position despite standing down from the ruling Communist Party’s leading body due to age restrictions.

US college degrees lose mystique among Asian students: FT reports, Trump, guns and access to quality education at home affect enrolment.

Venezuela's Nicolas Maduro won a new six-year term on Sunday in an election deemed illegitimate by the opposition and foreign governments.

Venezuela in 2018:

Inflation: Rose 2,400% last year, and it's projected to reach 13,000% this year. The bolivar lost 99% of its value.

Unemployment: Expected to hit 30%.

Population decline: 600,000 have fled Venezuela over the last coupleyears, and 5,000 people are getting out daily.

Mexico: Thirty-six candidates for various offices have been killed since September, and dozens of other politicians and campaign officials have been slaughtered.

Italy's two populist leaders have agreed on a prime minister and are set to propose a cabinet as early as today.

Newspapers in the country reporting that Giuseppe Conte, a 53-year old law professor with no political experience, is the leading candidate.

The populists' ascension in Rome crystallizes a real danger for Europe's liberal establishment.

Matteo Salvini, a populist on the verge of power: The leader of Italy’s League party has prospered by attacking Brussels rather than Rome. https://on.ft.com/2rWl13l

Scotland: Nicola Sturgeon is set to “restart” her campaign for Scottish independence. The Scottish National Party will revamp its economic blueprint for independence, which may include a plan to phase in a new Scottish currency.

Modern Tory: Michael Gove and Scottish Conservative Party leader Ruth Davidson launch Onward, a think tank aimed at attracting more voters from the center. The name has echoes of French President Emmanuel Macron’s En Marche! party and its mission is to unite and modernize the party.

Space race: Britain is pressing forward with plans to set up its own rival satellite system to Europe’s Galileo project and hopes to team up with Australia as a partner in the project.

Jeremy Warner: Brexit has become a farce, risking an outcome that will satisfy no onehttp://bit.ly/2rXsteM

By far the best summary so far ventured of the Brexit negotiations came from the Prime Minister of Luxembourg, Xavier Bettel. “They were in with a load of opt-outs,” he said. “Now they are out, and want a load of opt-ins.”

Trump Jr. and other aides met with Gulf emissary offering help to win election: NYT reports, three months before the 2016 election, a small group gathered at Trump Tower to meet with Donald Trump Jr., the president’s eldest son. One was an Israeli specialist in social media manipulation. Another was an emissary for two wealthy Arab princes. The third was a Republican donor with a controversial past in the Middle East as a private security contractor.

Trump grappling with risks of proceeding with North Korea meeting: NYT reports, Trump, increasingly concerned that his summit meeting in Singapore next month with North Korea’s leader could turn into a political embarrassment, has begun pressing his aides and allies about whether he should take the risk of proceeding with a historic meeting that he had leapt into accepting, according to administration and foreign officials.

Today: Trump will attend the swearing in of Gina Haspel to be director of the CIA.

South Korea: Moon is due to meet Trump in Washington on Wednesday and the two leaders will discuss security assurances and economic incentives for denuclearizing North Korea, with Moon hoping to advise Trump on the proposed June 12 summit.

AP: Mnuchin says NAFTA negotiations could spill into 2019

Ryan's power begins to ebb: House Republicans grow restive head of midterm elections. http://bit.ly/2wtHAjd

"The leading players — from established national figures such as former Vice President Joe Biden, Bernie Sanders, and Elizabeth Warren to up-and-comers including California Sen. Kamala Harris — don’t necessarily put it that way. But the potential 2020 candidates are making the rounds, raising and distributing campaign cash among fellow Democrats, endorsing candidates and meeting political activists."

ENTERPRISE

General Electric is nearing a deal to sell its transportation business to railroad equipment maker Wabtec possibly for more than $20B.

Facebook, Uber execs top guest list for Macron's tech huddle: Bloomberg reports, Tech should do good. And Emmanuel Macron, though busy with climate change, Europe, Iran, reforming the French economy and trade tensions with the U.S., will see to it. France’s president wants to become the go-to head of state for global tech and will host the bosses of Alphabet Inc.’s Google to Uber in Paris next week to talk about social responsibility, eyeing an opening as the industry’s relationship with U.S. President Donald Trump proves complicated.

Facebook is launching a tool that connects marketers to relevant influencers.

Zuck and the EU: The Facebook founder and CEO Mark Zuckerberg will meet with the European Parliament today to discuss privacy and the misuse of user data.

Ford’s Hackett faces tough test in trying to drive change: FT reports, carmaker’s share price has barely budged in the chief executive’s first year at the helm.

Michael Curry’s royal wedding sermon will go down in history: Guardian reports, the American bishop did it black. And he shocked the congregation by refusing to tone down his passionate message on power and love.